Spotify, Roblox, and the conditions for a walled garden

Spotify revealed a noteworthy data point on its Q1 2026 earnings call two weeks ago: the company's advertising platform, which contributed 8.5% of total revenue in Q1, now sees one-third of its advertising revenue generated from "biddable" media. From the call (emphasis mine): I know we continue to talk about our ads business as a […]

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